UK in focus: a reminder that UK's retail sales surged in August - UOB
|In respect to the pound's strength, as a reminder, and ahead of tomorrow's Brexit speech by UK's PM May, analysts at UOB Group explained that UK retail sales unexpectedly surged in August, boosting the chance that the Bank of England (BoE) will raise interest rates in November.
Key Quotes:
"Retail sales volumes rose 1.0% m/m, beating expectations, and July’s sales growth was revised up to 0.6%. Looking at the three months to August as a whole, sales growth versus the previous three months rose to 1.2% from a three-monthly rate of 0.7% in July.
However, the ONS said near-record sales growth would be needed in September to stop third-quarter growth showing a slowdown from the three months to June."
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